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You are here: Home / Slider / Aircraft Income Tax

Written by Greg Harper

Aircraft Income Tax

If you use your aircraft for business you may be entitled to income tax deductions. The tax savings available depend on the nature of business use and the ownership structure.  Each client is supported by a Legal Advisor, Tax Advisor and Paralegal.  This team is responsible for service delivery under the engagement.

Advocate will assist in the development of the best available operational structure based on your specific facts, balancing numerous concerns, including: compliance with FAA noncommercial limitations; minimizing exposure to Federal Excise Taxes; providing operational flexibility; achieving the maximum federal tax deductions that your situation allows; controlling liability to the extent possible; and minimizing the impact of state sales/use taxes.

The Legal Advisor, supported by the Paralegal, forms entities, drafts purchase agreements, operating agreements, leases, management agreements and the like, and files them with the FAA when appropriate.

The tax advisor, working with the legal advisor, outlines recordkeeping requirements, reviews compliance, and prepares aircraft tax returns.  This includes personal use computations, calculation of SIFL fringe benefit income and identifying potential expense disallowance associated with personal use.

Advocate’s custom built flight log portal simplifies client flight log/record keeping.  The portal integrates into our proprietary software which converts your flight usage details into the financial outputs necessary to support proper tax reporting.

Finally, when/if you get examined by taxing authorities, Advocate will defend your deductions related to your aircraft through the administrative appeal level at no additional charge.

Filed Under: Slider Tagged With: depreciaiton, income tax, tax deductions

Latest Article

Tax Change Helps Executives Afford Pricier Planes

The recent changes to the tax code are giving business executives a new perk: the opportunity to deduct the entirety of a corporate-jet purchase.

President Trump signed more than 100 changes to the U.S. tax code into law at the end of last year. Among them: The price of a new or used airplane purchased by a company can be a 100% write-off against its earnings.

That is a major change.

 » Read more about: Tax Change Helps Executives Afford Pricier Planes  »

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Advocate Consulting Legal Group, PLLC. 3555 Kraft Rd. Suite 240 Naples, FL 34105 and 1300 N. Westshore Blvd. Suite 220 Tampa, FL 33607. Suzanne Meiners-Levy, Esq. (239) 213-0066. Tax Disclosure. We inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under federal tax laws, specifically including the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.Privacy Policy. Terms of Use.